New Zealand's monthly commodity price gauge remained near record high levels in June, despite another fall in world dairy prices.
The ANZ Commodity Price Index was virtually unchanged in terms of world prices, down one decimal place, to be 11.6 per cent higher than a year earlier.
In
New Zealand dollar terms, the index was up 2.1 per cent, to be 12.5 per cent higher annually, and a touch below the record high reached last November. The kiwi eased against the country's main trading partners, except Japan, last month.
World beef prices rose 4.3 per cent, to be 26 per cent above a year ago, while aluminium was up 2 per cent for the month, venison rose 1.3 per cent, and wool was up 1.2 per cent.
Sawn timber prices fell 6 per cent, to be 19 per cent lower than a year ago, kiwifruit fell 4.7 per cent, and dairy prices were down 1.1 per cent.
World dairy prices have now retreated 12 per cent from their peak last November, said ANZ economist Steve Edwards.
"A few more dairying countries have increased production, and it's not an instantaneous thing. So there was a delayed reaction to that increased price and we're just starting to see it now," he said.
Higher oil prices and rising incomes in developing countries were generally helping underpin commodity prices.
- NZPA
